940

LAWS OF MARYLAND.

more, and the same have been deposited in the Treasury of

this State as a guarantee for the payment of the policies of in-

surance issued by said company as prescribed by Section 116

of Article 23 of the Code of Public General Laws of this

State; and thereupon the stockholders may elect not less

than seven nor more than twenty-five directors from among

themselves to hold office until the ensuing annual meeting

or until their successors shall have been duly elected and qual-

Directorate.

ified ; and the directors so elected of said company, when it

shall have been organized, may and they are hereby authorized

and empowered to have and to exercise in the name and on

behalf of the company all rights and privileges which are in-

tended to be hereby given ; and should the capital stock from

time to time or at any time or times be increased, the stock-

holders at the time of such increase or increases shall be

entitled to subscribe to a private share of such increase or in-

creases upon the payment of such price at par or above par

for said stock as may be determined upon by a vote of a ma-

jority of the stockholders of said corporation at the time of

such increase or increases; and in case of the failure of any

ot the stockholders to subscribe and pay for their private share

of said stock at the price and within the time named in said

resolution or resolutions, then the board of directors shall

To sell stock.

have the power to sell said stock, payable in instalments, to

such persons or corporations as they may sec fit, not, however,

under the price fixed in said resolution or resolutions.

SEC. 2. And be it enacted, That this Act shall take effect

from the date of its passage.

Approved April 8, 1904.

CHAPTER 549.

AN ACT to repeal and re-enact with amendments Chapter

679 of the Acts of 1900, entitled "An Act to Create a Com-

mission of State Aid and Charities."

SECTION i. Be it enacted by the General Assembly of Mary-

Creating a
State Board.

land, That Chapter 679 of the Acts of 1900, entitled "An Act

to Create a Commission of State Aid and Charities," be and

the same is hereby repealed and re-enacted so as to read as

follows :

SEC. 2. And be it enacted, That the Governor shall appoint

Board of State
Aid and Char-

biennially seven discreet persons, residents of the State of

ities.

Maryland, at least two of whom shall not reside in Baltimore